A Few Great Reasons to Buy a Home Now

By Evelyn Fielding
Photo: © Dreamstime
Buying a home has always been the best investment, and today it’s even better. Reports of doom and gloom must be put into perspective, and the longer you hold out waiting for the best deal the more likely you are to miss a great opportunity. Here are some reasons why now is a good time to buy a home.

It’s a Buyer’s Market, Folks
Many sellers have upgraded properties to increase curb appeal. Your next home most likely has new windows, a top-notch roof, energy efficient appliances, and a much nicer bathroom and kitchen. There is no need to worry about major home improvement projects; today’s homes are move-in ready.

A ton of brand new homes are on the market at great prices, too. Buy a new construction and be the first to park in the garage, paint the walls, and landscape the yard. A new home is your opportunity to put a stamp on something truly meaningful.

You Can Afford to Be Choosy
Your choices in the housing market may feel a little staggering. You have the chance to shop real estate until you find exactly what you want. Record low mortgage rates are a nice bonus that make your dream home even more affordable.

What About Expired Government Home-buying Incentives?
Think you’ve already missed a great deal? Actually, these incentives caused prices to rise for a short time, offsetting some advantages to buyers. It’s all part of the cause and effect cycle in real estate, and what you’re looking for is balance.

It’s Time to Buy a Home
Remember, you’re not buying a house—you’re buying a home. Weigh your options carefully, but don’t wait so long that you miss this good opportunity. Picture your family and friends relaxed and comfortable in every room and you’ll see yourself, proud of your smart investment.

Florida Ranks As Third Worst State For Foreclosures According To Report

Are You Considering Refinancing?

By S.F. Heron
Photo: © iStockphoto
People refinance home loans for many reasons. Some homeowners want to reduce payments or acquire a lower interest rate. Others refinance for debt consolidation or to fund major home renovations. Whatever your reason, today’s low mortgage rates make refinancing a viable option.

Weigh the cost of refinancing to determine whether a new mortgage will ultimately save you money. If you plan to move in a year or two, the cost of refinancing your home loan may not make it worth the expense.

Should you refinance?
Reducing the interest rate by a single point can make your payment more affordable. To quickly figure out the difference, note the savings between your current mortgage payment and the proposed new payment. Ask for a basic closing cost figure from the bank. Divide the closing costs by the savings between the two payment amounts. The resulting figure indicates the number of months required to break even to cover refinancing expenses.

What makes refinance worth it?
It depends on the homeowner. For some people, saving $150 per month is imperative. For others, $300 or more makes the expense worth it. Remember that many lenders include closing costs in the new loan to limit upfront expenses to customers.

Primary Mortgage Insurance (PMI)
Lenders require individuals to place a 20 percent down payment on the home. A down payment of less than 20 percent requires the homeowner to carry PMI. As you make monthly payments, you chip away at the mortgage principal. Over time, homeowners build up enough equity to eliminate the need for PMI. Address the issue of PMI during any refinancing discussions with your lender.

Where to refinance
Call your current mortgage company first to check refinancing options. Don’t blindly assume they have the best rate. Investigate interest rates through the Internet and other banks. Some banks offer very low rates and extremely high closing costs. The flip side also features banks with no fees and a high interest rate. Check for loans that don’t require the payment of points (one percent of mortgage value) to buy down the interest rate.

What are reasonable refinancing fees?
Basic mortgage fees include application costs ranging from $250 to $400. Home appraisal fees run from $300 to $500. A title search allows the mortgage company to determine your legal right to the property. Lender fees also include origination fees at one percent of the loan amount and attorney fees to cover the full loan process.

Florida Ranks As Third Worst State For Foreclosures According To Report

MIAMI – Real estate agent, Izzy Buholzer, from Miami Real Estate Team, (R) shows a home that is in foreclosure to prospective buyers Louis Carrasquillo and his daughter Maria Carrasquillo on June 16, 2010 in Miami, Florida. A RealtyTrac report indicated that Florida continues to hold the number three spot when it comes to foreclosures in the United State. Only Nevada and Arizona were worse.

See our article in Life Magazine– Rentals in Miami, FL

http://www.life.com/image/103157691

Foreclosure Rate In Miami Area Continues To Rise
MIAMI – JULY 29: Real estate agent Izzy Buholzer (R) from Miami Real Estate Team, Inc. shows a rental home to Dorothea Tittel July 29, 2010 in Miami, Florida. Many people are now considering renting instead of buying as the continued downward pressure on home values is felt. Today, RealtyTrac Inc. today annouced that South Florida ranks tenth in nationwide foreclosures and that the Miami metro area, which includes Palm Beach, Broward and Miami-Dade counties, led all regions with 94,466 homes in some stage of foreclosure from January through June.

Florida AG Bill McCollum brings banks, distressed homeowners together

The state attorney general invited banks to meet with struggling homeowners at a forum in Miami last weekend.

BY THEO KARANTSALIS
Special to The Miami Herald
Hundreds of residents from throughout Florida visited Miami Dade College’s downtown campus on Saturday morning to hear Florida Attorney General Bill McCollum talk about the home foreclosure crisis.

More than 26,000 Miami homes are in foreclosure — or one in every 117 — according to RealtyTrac’s March 2010 figures.

“A big part of the problem is that a lot of the people you call for help are located out of state,” said McCollum. “Today we brought the banks to you, and you’ll have an opportunity to sit down with a human being to get some kind of relief.”

McCollum was joined by an Interagency Task Force, a panel that included representatives from U.S. Housing and Urban Development, the state Office of Financial Regulation, and the Florida Bar, who took turns addressing ways to fight mortgage fraud.

“The bank told me I was in `forbearance,’ and I don’t even know what that word means,” said Frances Rayner, of Miami.

The panel answered this and other questions from the audience and explained in plain English the following terms: lis pendens, mediation and administrative orders.

Paying close attention to the speakers, people scribbled notes as fast as they could. At each seat: piles of paper related to an individual’s case. In each person’s hands: the sound of papers crinkling.

Before adjourning the forum, Theresa Edwards, a lead attorney with the AG’s Fort Lauderdale office, said that she will continue to pursue people who commit mortgage fraud in South Florida.

The room went silent with anticipation when McCollum read a question about whether Countrywide (now part of Bank of America) and its former CEO, Angelo R. Mozilo, will face justice.

The Securities and Exchange Commission filed a civil fraud lawsuit against Mozilo in 2009 for allegedly dumping his shares at the height of the housing bubble for nearly $140 million in profits while in possession of non-public information.

“He (Mozilo) was well aware of the bubble and drastic drop in prices, and he misled the public,” said Edwards.

McCollum added: “We sued Countrywide before they merged with Bank of America, and we got a good settlement.”

A case against Mozilo is still pending, according to McCollum.

As numbers were called, small groups were escorted from the auditorium. Dozens of agents from Bank of America, JP Morgan Chase, SunTrust and Wells Fargo set up up in adjacent rooms to discuss on-the-spot loan modifications with those facing foreclosure.

David Hall, of Plantation, got a chance to meet personally with McCollum and explain how his home of 30 years ended up in foreclosure.

“My case is more complicated because I didn’t get a conventional mortgage and my bank isn’t here today,” said Hall. “These people explained what my recourse would be and I feel a lot better.

McCollum said his office is taking extra measures to protect Florida homeowners.

Strategies to Stop Foreclosure

The main reason the rate of foreclosure has kept increasing is for disinformation at the highest level. The vast majority of homeowners could successfully stay

via Strategies to Stop Foreclosure.